The 2020 Mid-Year Economic Update_long

Day: October 9, 2007

Hagemeyer: Sonepar’s Bid Is Too Low

Hagemeyer NV said in a press release Tuesday that Sonepar's unsolicited bid of US$3.5 billion (2.5 billion euro) significantly undervalues the company." Hagemeyer says it will meet with Sonepar to "clarify its intentions."
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Paris-based Sonepar announced in an unsolicited offer that it would pay 4.25 euro in cash per share for the Netherlands-based distributor. The global electrical distributor notified Hagemeyer of its intention on Monday, Oct. 8.
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The joining of Sonepar and Hagemeyer would create a global electrical distribution giant with global revenues of roughly 15.5 billion euro (US$22 billion), based on the two companies' reported sales in 2006. In North America, Hagemeyer did close to $2 billion in sales in 2006. The Sonepar USA division is reported to ...

Barnes Distribution Taps New President

Barnes Group Inc., Bristol, CT, has named Patrick J. Dempsey as president of Barnes Distribution. Dempsey was the president of Barnes Aerospace and a vice president of Barnes Group. He replaces Idelle K. Wolf, who is retiring. Dempsey takes the helm immediately.

Dempsey joined Barnes Group in 2000 as president of Barnes Aerospace's Windsor Airmotive Division, its worldwide maintenance and repair operation. In 2003, Mr. Dempsey was named group vice president, operations of Barnes Aerospace. In 2004, the Board of Directors appointed him president of Barnes Aerospace.

Barnes Group consists of three businesses: Barnes Aerospace, Barnes Distribution and Barnes Industrial. It has 65 locations ...

McKesson to Acquire Specialty Drug Distributor

McKesson Corporation, San Francisco, CA, has agreed to buy Oncology Therapeutics Network, a U.S. distributor of specialty pharmaceuticals, for $575 million.

According to Pembroke Consulting's Adam Fein, OTN owns Onmark, a large buying group for thousands of small accounts. He says in his Distribution Trends blog: "Such forward integration makes it virtually impossible for a manufacturer to bypass and sell directly to the customer, because the distributor and the customer are the same company." The customers of OTN will continue to operate as separate businesses.

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Sales of specialty drugs are increasing rapidly, especially oncology drugs. OTN ...

Hagemeyer Launches Marine Line

Industrial distributor Hagemeyer North America, Charleston, SC, is launching a marine product line focused specifically on the needs of the marine industry.
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Hagemeyer's marine product range includes construction and repair materials and products; electrical systems; hardware; fittings; safety gear; and shop, yard, and marina equipment.
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Hagemeyer's customer base already includes numerous marinas and boat builders.
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Hagemeyer North America is a distributor of Electrical, Safety, and Maintenance, Repair and Operations (MRO) products to industrial users, electrical contractors and government. Hagemeyer North America has annual revenues of $1.8 billion in more than 150 ...

3M Outlines Growth Strategy

3M CEO George Buckley outlined to investors this week&nbsp ; how the diversified manufacturer wants to continue to rebuild and expand its core, especially adhesives, abrasives, tapes and films.
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Its continuing strategy, he said, is to advance its core businesses, grow through complementary acquisitions, build new business in adjacent markets and drive strong international expansion.
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I'm heartened by the way our growth strategy is taking hold and gaining momentum," Buckley said. "We have increased R & D investment by 11% over 2006 and picked up the pace of new product introductions. In addition, we have made 15 complementary acquisitions this year.
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3M is expected to announce soon the acquisition of California-based rival Standard ...